In the coming year, the interest rate on home loans may go down and this will be applicable in every bank as the same has been initiated by the Reserve Bank of India (RBI). RBI has expressed their hope that the interest rates on loans will decline in the new financial year and will be in accordance with the RBI's repo rate.
Along with the house loans, the interest is also imposed for personal loans. In its three-day policy meeting which started on December 3, RBI retained the repo rate at 6.5 per cent.
The consensus decision was taken to maintain the interest rate. Earlier, the central bank had warned that with the fluctuation in oil rates and global economy the risk of inflation is high.
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RBI has retained the estimate of GDP growth rate of 7.4 per cent in the current financial year (2018-19). In the first half of the next financial year (2019-20), GDP growth is expected to be 7.5 per cent.
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